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2021-06-22
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Victoria’s Secret reportedly borrows $500 million to finance split from Bath & Body Works
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LLC"},"source_url":"https://www.cnbc.com/2021/06/21/victorias-secret-reportedly-borrows-500-million-to-finance-split-from-bath-body-works.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1194351717","content_text":"Lingerie retailer Victoria's Secret is taking out a $500 million loan to finance its split from Bath & Body Works,Bloomberg News reported Monday.\nThe loan is due 2028 and could pay interest that's 300 to 325 basis pointsabove Libor, Bloomberg reported, citing an unnamed source.JPMorgan Chaseis overseeing the sale, with investor orders due by June 30, the report said.\nThe report comes after parent companyL Brandsannounced the spin-off last monththat would separate the two brands into independent, publicly traded companies by August.\nRepresentatives for Victoria's Secret, Bath & Body Works, L Brands and JPMorgan Chase did not immediately respond to CNBC's requests for comment.\nLast month, L Brands reported quarterly numbers that beat analyst expectations. 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